In the news release, "Elbit Systems Reports Third Quarter 2006
Results" issued earlier today by Elbit Systems Ltd. (Nasdaq: ESLT)
over PR Newswire, we are advised by a representative of the company
that in the second table, Revenues for the three months ended
September 30, 2006 should be "376,670" rather than "379,670". Also,
General and administrative for the three months ended September 30,
2006 should be "19,727" rather than "19,272" as originally issued
inadvertently. Complete, corrected release follows: HAIFA, Israel,
November 14 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the
"Company") (NASDAQ:ESLT), the international defense company, today
reported its consolidated results for the third quarter ended
September 30, 2006. The Company's backlog of orders as of September
30, 2006 increased to $3,775 million, as compared to $ 3,347
million at the end of 2005. Approximately 73% of the backlog
relates to orders outside of Israel. Approximately 46% of the
Company's backlog as of September 30, 2006 is scheduled to be
performed over the last quarter of 2006 and during 2007.
Consolidated revenues for the third quarter of 2006 increased by
37.7% to $376.7 million from $273.6 million in the third quarter of
2005. Gross profit for the third quarter of 2006 increased by 30.5%
to $96.1 million (25.5% of revenues), as compared with gross profit
of $73.7 million (26.9% of revenues) in the third quarter of 2005.
The gross profit margin in the third quarter of 2006 was affected
mainly by the lower gross profit margin generated by Elisra, which
has been consolidated in the Company's financial reports commencing
December 2005. Consolidated net income for the third quarter of
2006 increased by 28.7% to $18.7 million (5% of revenues), as
compared with $14.6 million (5.3% of revenues) in the third quarter
of 2005. Diluted earnings per share for the third quarter of 2006
were $0.45, as compared with $0.35 for the third quarter of 2005.
The Company's net income in the third quarter of 2005 included $1.2
million in one-time In-Process R&D expense related to
acquisitions made during that quarter. Cash flow - During the first
nine months of 2006 the Company generated an operating cash flow of
$150.9 million. The President and CEO of Elbit Systems, Joseph
Ackerman, commented: "Our financial results continue to set new
records in revenues, net profit and backlog. We are pleased with
the results reported today, which demonstrate the success of our
long-term focus on developing cutting edge technologies and close
working relationships with global defense industry leaders. This
strategy enabled us recently to win significant projects in the
important areas of Homeland Security and civil aviation, while our
subsidiaries, including Elbit Systems of America, Elop, Elisra and
Cyclone have also generated important new contracts. We remain
committed to improving our profitability and increasing efficiency
where needed within the Group." The Board of Directors declared a
dividend of $0.15 per share for the third quarter of 2006. The
dividend's record date is November 28, 2006, and the dividend will
be paid on December 11, 2006, net of taxes and levies, at the rate
of 18.85%. Conference Call The Company will also be hosting a
conference today, Tuesday, November 14, 2006 at 10.30am EST. On the
call, management will review and discuss its third quarter 2006
results and will be available to answer questions. To participate,
please call one of the following teleconferencing numbers. Please
begin placing your calls at least 10 minutes before the conference
call commences. If you are unable to connect using the toll-free
numbers, please try the international dial-in number. US Dial-in
Numbers: 1-888-281-1167 UK Dial-in Number: 0-800-917-9141 Israel
Dial-in Number: 03-918-0610 International Dial-in Number:
+972-3-918-0610 At: 10:30am Eastern Time 7:30am Pacific Time 3:30pm
London Time 5:30pm Israel Time This call will be broadcast live on
Elbit Systems' web-site at http://www.elbitsystems.com/. An online
replay will be available from 24 hours after the call ends.
Alternatively, for two days following the end of the call,
investors will be able to dial a replay number to listen to the
call. The dial-in number is either: +1-877-332-1104 (US);
0-800-169-8104 (UK) or +972-3-925-5925 (Israel and International).
About Elbit Systems Ltd. Elbit Systems Ltd. is an international
defense electronics company engaged in a wide range of
defense-related programs throughout the world. The Elbit Systems
Group, which includes the company and its subsidiaries, operates in
the areas of aerospace, land and naval systems, command, control,
communications, computers, intelligence, surveillance and
reconnaissance ("C4ISR"), advanced electro-optic and space
technologies, EW suites, airborne warning systems, ELINT systems,
data links and military communications systems and equipment. The
Group also focuses on the upgrading of existing military platforms
and developing new technologies for defense and homeland security
applications. Statements in this press release which are not
historical data are forward-looking statements which involve known
and unknown risks, uncertainties or other factors not under the
company's control, which may cause actual results, performance or
achievements of the company to be materially different from the
results, performance or other expectations implied by these
forward-looking statements. These factors include, but are not
limited to, those detailed in the company's periodic filings with
the Securities and Exchange Commission. Elbit Systems Ltd.
Consolidated Balance Sheets (In thousand of US Dollars) September
30 December 31 2006 2005 Unaudited Audited Assets Current Assets:
Cash and short term deposits 69,172 94,629 Trade receivable and
others 418,287 416,067 Inventories, net of advances 359,787 328,428
Total current assets 847,246 839,124 Affiliated Companies &
other Investments 236,418 201,339 Long-term receivables &
others 172,607 154,650 Fixed Assets, net 288,832 284,997 Other
assets, net 131,160 137,364 1,676,263 1,617,474 Liabilities and
Shareholder's Equity Current liabilities 720,120 612,168 Long-term
liabilities 466,239 541,622 Minority Interest 11,495 12,907
Shareholder's equity 478,409 450,777 1,676,263 1,617,474 Elbit
Systems Ltd. Consolidated Statements of Income (In thousand of US
Dollars, except for per share amounts) Nine Months Three Months
Year Ended Ended Ended September 30 September 30 December 31 2006
2005 2006 2005 2005 Unaudited Unaudited (Audited) Revenues
1,055,855 748,116 376,670 273,646 1,069,876 Cost of revenues
782,605 546,790 280,538 199,969 786,616 Restructuring expenses - -
- - 3,488 Gross Profit 273,250 201,326 96,132 73,677 279,772
Research and development, net 64,363 53,443 24,574 20,482 71,903
Marketing and selling 81,027 54,695 27,397 20,309 78,648 General
and administrative 57,454 38,262 19,727 12,838 54,417 IPR&D
write-off - - - - 7,490 Total operating expenses 202,844 146,400
71,698 53,629 212,458 Operating income 70,406 54,926 24,434 20,048
67,314 Financial expenses, net (15,363) (6,273) (4,445) (3,076)
(11,472) Other income, net 391 (192) 231 (6) (5,326) Income before
income taxes 55,434 48,461 20,220 16,966 50,516 Taxes on income
16,645 12,289 7,279 4,246 16,335 38,789 36,172 12,941 12,720 34,181
Equity in net earnings (losses) of affiliated companies and
partnership 8,189 1,339 4,575 1,465 (1,636) Minority rights 1,304
652 1,227 379 (58) Net income 48,282 38,163 18,743 14,564 32,487
Earnings per share Basic net earnings per share $ 1.17 $ 0.94 $
0.45 $ 0.36 $ 0.80 Diluted net earnings per share $ 1.15 $ 0.92 $
0.45 $ 0.35 $ 0.78 Company Contact: Ilan Pacholder V.P. Finance
& Capital Markets and Corporate Secretary Elbit Systems Ltd
Tel: +972-4-831-6632 Fax: +972-4-831-6659 E-mail: IR Contact: Ehud
Helft/Kenny Green GK International Tel: +1-866-704-6710 Fax:
+972-3-607-4711 E-mail: E-mail: DATASOURCE: Elbit Systems Ltd
CONTACT: Company Contact: Ilan Pacholder, V.P. Finance &
Capital Markets and Corporate Secretary, Elbit Systems Ltd, Tel:
+972-4-831-6632, Fax: +972-4-831-6659, E-mail: . IR Contact: Ehud
Helft/Kenny Green, GK International, Tel: +1-866-704-6710, Fax:
+972-3-607-4711, E-mail: , E-mail:
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